CBS News President David Rhodes, left, and John Dickerson, political director for CBS News, participate in the CBS News panel at the CBS Summer TCA Tour at the Beverly Hilton Hotel on Monday, Aug. 10, 2015, in Beverly Hills, Calif. ... more >

CBS News and the BBC have entered a news-gathering partnership, The Hollywood Reporter said Thursday.

The deal, effective immediately, “will also allow for efficient planning of news gathering resources to increase the content of each broadcaster’s coverage of world events,” the organizations said in a joint statement, according to THR.

The development ends a longstanding partnership between ABC News and the British broadcaster.

“Our relationship with ABC has been long and fruitful,” BBC executive James Harding said in a statement, THR reported. “We have worked side by side on some of the most significant stories of our time on both sides of the Atlantic, from the attack on the Twin Towers to the wedding of the Duke and Duchess of Cambridge. We wish ABC well and would like to thank them for many years of hard work and expertise.”

CBS, meanwhile, is ending its arrangement with Sky News. Sky and U.S.-based Fox News Channel share the same parent company, 21st Century Fox, a NewsCorp subsidiary.

For its part, CBS also sees the move as the revival of a special relationship.

“Both of our organizations have a rich history covering the world’s biggest stories over many decades,” said CBS News President David Rhodes. “We’ll have no better partner to help us deepen our global news footprint.”